Breaking: US Court Orders Release of Majority of My Forex Funds Founder's Assets

<p>The New Jersey court, tonight (Tuesday), partially granted My Forex Fund's request in the lawsuit filed by the CFTC against the company. The court ordered the release and return of most of the assets belonging to founder and CEO Murtuza Kazmi, valued at approximately $100 million. However, $12.08 million of these assets will remain frozen. </p><p>Additionally, the court decided to discharge the current temporary receiver and ruled against appointing a new one. </p><p>Kazmi and his legal team recently fired back, challenging the fundamental aspects of the lawsuit. They raised questions about the alleged fraudulent activities and the jurisdiction of the CFTC over its transactions.</p><p>
According to a recent report by Finance Magnates, the firm's defense team <a href="https://www.financemagnates.com/forex/breaking-my-forex-funds-questions-cftcs-jurisdictions-on-its-business/" target="_blank" rel="follow">dismissed CFTC's accusations</a>. It asserted that My Forex Funds never solicited or accepted customer investments. The firm's lawyers have questioned the regulator's jurisdiction, arguing that transactions with customers are beyond the scope of anti-fraud provisions.</p>

This article was written by Yam Yehoshua at www.financemagnates.com.